Capital #15 the world of NPM

NEW ENERGY New energy

After a year and a half of the pandemic, new horizons are opening up and new energy is unleashed. It Wanted: has become clear that the need to adapt to COVID has sparked a lot of creativity and accelerated ongoing developments. Many organisations have found that digitalisation offers even more and greater opportunities than expected, and that major efficiency improvements were put within reach. Without exception, our participations have been successful in adapting to the changing demands of the market, as their various Future contributions to this magazine establish. The pandemic also seems to have boosted global sustainability ambitions – something that we, as a long-term investment company, can only applaud. So in this Capital Magazine, we also feature a unique participation, Builders! Groendus, with a direct link to energy: its generation, storage and use. A special kind of 'new energy' arose in the past 18 months in leadership. This is made visible especially in the roundtable with Engbert Verkoren (Conclusion), Jürgen von Hollen (Ultimaker) and Kees van Veen (Agrocare) in this edition. With much of their organisations working from home at least part-time, it may not have been easy, but they certainly proved it to be possible: motivating staff, planning for a better future, and aligning with a new strategic course. These leaders offer another example of how our resilient and creative participations can realise their ambitions even in unpredictable and adverse circumstances.

As NPM Capital, we are committed to providing our continued support to companies whose mission aligns with one of our strategic investment focuses: Everything is Digital, Healthy Life & Learning, Feeding the World and The Future of Energy. Pandemic or not: we promise we will do our part with boundless energy, ambition and drive.

Investment team NPM Capital

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Advertentie A4-IMC Weekendschool.indd 3 30/06/2021 16:01 CONTENTS | #15

06 12 18 28 Rethinking the energy Financing in the cloud. Motivating at a distance. Ordered today, delivered market. For smarter The mortgage of the future New challenges in a world tomorrow. The challenges sustainable business is digital of Zoom and Teams of overnight delivery processes

24 Patron Cuisinier Richard van Oostenbrugge didn’t let two lockdowns get him down 36 The Capital of energy 44 The ‘holy grail’ of the energy transition: how do we store green power affordably and efficiently?

38 Teachers are indispensable - but online support will 4 be too 5 Future of Energy

Rethinking the energy market

Groendus is the name of a new integrated energy company for the corporate market. Five specialised companies joined forces to form this innovative company that generates its own , implements smart savings for clients, and facilitates direct electricity purchasing and sales. With this mix of services, Groendus helps businesses transition to 100% clean energy. CEO René Raaijmakers told us about frozen meat snacks as batteries and the much-needed transition from a demand-driven to a supply-driven energy market. 6 7 Future of Energy

The good news is that the problem can be at least partially solved by focusing on simultaneity: using energy as much as possible precisely when it is generated, and minimising consumption at times when the supply is low. Unfortunately, major consumers of energy have not yet adjusted their perspectives: they've gotten used to an unlimited AI AND MACHINE LEARNING supply of energy, regardless of demand. Data analysis is an essential part of Groendus' energy "The current market is demand-driven," said René services. Based on client data, the company develops Raaijmakers, who has recently taken the CEO position user profiles and then deploys AI and machine learning at Groendus (a fusion of the former Rooftop Energy, algorithms to lay bare previously unseen patterns and RENÉ RAAIJMAKERS Greenspread, Solaris Industria, CT Energy and Ealyze). relationships. "For example, our system can detect that "While what we need is a market that is supply- somebody left an air conditioner on all weekend while driven. And that's exactly what we want to do with how they can store energy when there is oversupply nobody was working. That leads to a fully automated e-mail It may well be the single biggest challenge of the Groendus: to create a sustainable energy market in and reduce their energy consumption when there is a to the facility manager: ‘switching off the air conditioner sustainable energy transition: the fact that clean which supply can fluctuate, and to help companies shortage," Raaijmakers explained. Because this often would have saved X amount of energy and money.” power is weather-dependent, and therefore volatile. anticipate and adjust their demand accordingly." requires adjustments to business processes, companies We can further expand this technology by equipping all However much solar and wind energy we might tend to need some time to get used to the idea. But important energy-consuming devices with their own metres. generate, there will always be times when there is a Energy marketplace according to Raaijmakers, there are many different Not too far in the future, we'll be able to e-mail: ‘the air mismatch between supply and demand. As a result, Clients of Groendus develop an integrated possibilities. "Consider a food producer with a lot of conditioner was left on in building 3 on the second we are still dependent on fossil fuels at times when understanding of sustainable energy consumption. cold stores. You could easily cool them from minus floor,” said Raaijmakers. clean energy is simply not available. The need to That starts with power generation, because many 18 to minus 22 degrees when the supply is high, and solve this problem for the long-term is becoming businesses have plenty of opportunities to generate gradually let it warm back to minus 18 degrees when increasingly evident: present-day electricity grids are their own power, e.g. by putting solar panels on their supply is low. Just like that, a frozen meat snack can already struggling to manage the imbalance between roofs or installing a wind turbine. Groendus invests be turned into a very interesting battery. Swimming production and consumption, while companies in, develops, and manages production capacity for pools are another potential site for , together with the client. This is a transition, and you are facing growing pressure from the market and its clients. This 'home-grown' sustainable electricity and regional water authorities can proactively start have to go about it gradually. Clients who already stakeholders to make their energy consumption as can be used by the client itself, but whenever a pumping when rain is expected. What matters is have a long-term fixed energy contract can initially sustainable as possible. surplus arises, this can be sold on the Groendus having enough predictability in your process and simply use our platform in parallel. That way, they 'energy marketplace'. Every hour, local consumers environmental conditions to allow more flexibility in can see for themselves how much they might have and producers are matched, and energy is delivered your energy consumption. been able to save by making their energy needs more and settled directly in a transparent way, without the variable. After all, the energy on our platform is ‘The energy on our involvement of traditional energy suppliers. Energy communities directly and locally generated, and the big traditional Raaijmakers emphasises that working with Groendus energy producers don't take a cut." platform is directly and Even more interesting is how Groendus helps its doesn't mean they have to shift to an entirely new clients analyse consumption and energy needs on an model overnight. "We're going to add intelligence Groendus's integrated approach also enables new locally generated’ hourly basis. "That stimulates our clients to explore to business processes, but we do that step by step, business propositions. Because businesses can 8 9 Future of Energy

‘An individual GENERATE AND USE, OR GENERATE AND STORE? roadmap to BUFFERING ENERGY IN sustainability’ THE NEIGHBOURHOOD Groendus doesn't just deliver solar plants, energy services and consultancy, but also works on storage projects. On-site batteries help clients optimise their consumption profile relative to the supply of sustainable Groendus currently only serves the large electricity. These batteries are also used by the network operators to manage mains frequency and network like Heeren Loo. The latter now generates 80% of their corporate market. While the technology can stability, opening up a second revenue model for the batteries and making a positive contribution to energy needs locally, sustainably and simultaneously, also be applied to small consumers, a different realising the energy transition. said Raaijmakers. “And the best part is: the longer regulatory regime currently limits its application a business remains our client, the better we get to in this market. Raaijmakers thinks that it's a The company also thinks that a national infrastructure of two-way charging stations will make it possible in know their needs and the better we're able to predict matter of several years, however, before small the future to store green power in electric cars overnight at times of oversupply, such as windy nights, and their peak energy consumption. 80% is already quite business clients can also link up to the Groendus then use it during the daytime. Groendus is also looking into the potential of green hydrogen to store impressive, but the next challenge is to together platform and gain access to directly and locally green power surpluses over a longer period of time (see page 50). with the client to see if we can get to 90% or 95% generated green power. When asked whether matching through local green power generation. That the consumer market is also suited to this kind of way, organisations don't just become sustainable on approach, he said: "In terms of regulation and paper, as is now often the case with GOs [editor's financial structure, it's a very different market, generate their own green power as well as purchase production chains or industry collectives: ten hospitals note: Guarantees of Origin, documents that evidence so that's a step that's not easy to take. It's also a it cheaply on the marketplace, it becomes possible, that generate electricity as a group and share it among the source of sustainably produced electricity], but technological challenge. If you wanted to buffer for example, to sell energy-consuming products themselves. We expect all sorts of innovative energy you achieve real, material sustainability. And that's green energy in a residential neighbourhood, including the requisite power. As Raaijmakers communities to emerge." where we need to be headed." you'd need a network of electric boilers that explains it: "A producer of greenhouses in the Dutch are all connected through IoT and that you Westland won't just sell a greenhouse, but they'll sell Groendus already counts major retailers like Coolblue, can then heat on a windy night, for example. a greenhouse alongside green electricity that they Picnic and Suitsupply among its clients, as well as Technologically, it's all already possible, but for generated themselves. You could also think of entire various financial institutions and health care providers that to happen, it'll need a viable commercial model, and that doesn't exist yet."

THE RIGHT CHOICES THANKS TO AN ENERGY BOARD

NPM Capital installed a so-called Energy Board last year, to advise on future acquisitions for the investment focus 'Future of Energy'. This 'council of sages' includes Jeroen de Haas (ex-CEO of Eneco), Jelle Vastert (ex-Tesla), and since recently also Maarten Steinbuch (TU/e, chair of Systems & Control). The latter is nationally known for his biweekly columns in the FD newspaper, in which he describes how climate, the energy transition and clean mobility are becoming increasingly intertwined.

Steinbuch: “An Energy Board is a good initiative, because the developments in energy are moving extremely fast. From sustainable generation to smart grids and buffering green energy to hydrogen economy and nuclear fusion: the field is extremely broad and the technological challenges are immense. As an investor with a long-term vision, it's natural to want to make the right choices. I got my PhD in wind energy thirty years ago. If you'd told me then where we would be today in terms of wind energy generation, I would never have believed you."

10 11 Everything is Digital

Ohpen TIRELESSLY ON THE BALL

Late 2020, fintech company Ohpen acquired its industry partner Davinci. As a result, the company from Amsterdam can now handle consumer and mortgage credit processes for large financial institutions, as well as the administration of savings and investments. According to Ohpen CEO Matthijs Aler, it won't be long until taking out a mortgage becomes a fully paperless process.

12 13 Everything is Digital

Social erosion

Thanks to its development centres in Spain and Slovakia, Ohpen is able to attract sufficient IT talent. “There are always regional differences that balance each other out," Aler explained. "When the economy struggles in Spain, we're Everyone now understands able to attract workers from there; at the moment, we're ‘ more successful in Slovakia." At the time of this article's writing, 95% of Ohpen's employees worked from home. that digitalising customer processes "Until very recently, we only made exceptions for employees who would have been isolated or stuck in is the future a 40 m2 flat in Barcelona with two young kids," Aler Dutch government, pension said. "Still, we see some serious social erosion funds, the Credit Registration happening, despite all sorts of online team Agency and various online events we organise. We're thinking about valuation of appraisal tools for a limited expansion of the possibilities ’ homes. "We'll collect any missing for employees to meet each other at Whatever the pandemic might bring, a mortgage. "We're working on links using Artificial Intelligence. the office, so that they can interact one thing is certain: it's accele­ making it possible for consumers We're already running shadow pilots in a slightly different setting. The rated nearly every development in to find out within a few minutes with customers to further optimise this." management team comes in the digital field. That's also true for whether a mortgage application once a week, and we use that Ohpen, the provider of a software- can be granted. They won't The more transactions, the smarter the day to brainstorm about as-a-service (SaaS) platform first have to submit a notarised system everything that isn't for banks, insurers, investment employer's statement in triplicate One wonders, however: won't this new way ongoing business." companies, real estate investors and an 87-page valuation report. of working lead to a rise in fraud cases and/ and pension funds. "All in all, COVID The granting and signing of the or safety issues? Aler doesn't think so. "You'll hasn't had a major impact on our mortgage agreement will also be always have those, but we expect that using business," said co-founder Matthijs turned into a 100% digital process. trusted data sources would sooner lead to Aler. "Some of our clients have put There won't be a single sheet of a decline. Right now, if someone e-mails a some of their less urgent projects on paper involved, and having to scanned employer's statement that claims hold due to the uncertain economic send scanned documents to an this person earns 4000 euros a month, while Since its acquisition outlook. On the other hand, almost intermediary or a bank will also be only a 1000 euros are deposited in their bank of Davinci, Ohpen everyone now understands that something of the past." account, there's a good chance no alarm is growing faster in the digitalising customer processes bells will ring. A digital system is smarter at mortgage market than in its is the future, and they need to Aler explained that this is made picking up those kinds of inconsistencies. 'own' savings and investment market. get started with that as soon as possible because Ohpen's The more transactions you can work with, According to Aler, that has everything to possible. And our platform is platform can digitally retrieve all the smarter the system becomes. Having do with the fact that banks and investors are perfectly suited to do that." sorts of essential data directly said that, fraud is a sizeable and serious investing a great deal in mortgage products from the relevant institutions, such problem in consumer credit, insurance and are on the lookout for well-diversified One of these customer processes as the Land Registry Office, the and mortgages. Banks are quite right to be mortgage portfolios. "Just like any economy that Aler referred to is taking out Employee Insurance Agency, the concerned and a little suspicious. has cyclical and countercyclical industries, 14 15 Everything is Digital

our products follow the same logic. A few for the new pension contract that will be years ago, annuity products were 'hot' and implemented in 2026." The more transactions, everybody wanted an individual pension. I ‘ think we'll see a growing demand for our International product the smarter the system services from the pension market Aler envisions plenty of opportunities for again starting next year, international growth for Ohpen. "We have becomes since everybody will a much better proposition to banks now, start to prepare because we can administer their entire product range, whereas before we could only do so for a part of their balance sheet. And banks generally prefer dealing with just one ’ party. On top of that, mortgages, much like savings and investments, are an international product. Our team is working hard to prepare our platform for use in the UK, where the mortgage market is also booming." For now, Ohpen is focused on the Benelux and the UK, although the company is carefully looking at partnerships to enter Asian markets, where A modern microfinancing in particular is a major alternative growth market. Matthijs Aler, CEO Ohpen

With the acquisition of Davinci, Ohpen has evolved into a financial automator with some 350 employees, a revenue of approximately Aler: "It's important that we stay tirelessly on a Saturday afternoon in Antwerp or 35 million euros and offices in Amsterdam and Antwerp. In addition, on the ball, since we're competing with Amsterdam, one in four consumers there the company has its own development centres: one in Spain and major international players in our industry would have had a product managed by two in Slovakia. Ohpen offers a modern alternative to so-called legacy like Mambu. At the moment, we do the us. If it's up to us, that'll be one in two systems that large financial service providers use for their administration. administration of some five million people's soon enough." Clients include Aegon, Knab, Robeco, Nationale-Nederlanden, Volksbank, financial products in the Netherlands, and . LeasePlan Bank, CMIS Group and Vesting Finance. Since 2019, NPM our platform contains more than a hundred Capital has been an investor in Ohpen through its strategic investment focus billion in savings, investment and mortgage 'Everything is Digital'. money. If you'd gone for a pre-COVID walk 16 17 Leadership

GET ENERGY GIVE ENERGY KEEP ENERGY Now that working (largely) from home has been the new normal for a while, more and more organisations are considering structural solutions to motivate employees and keep them engaged with their company’s strategic direction. Capital Magazine organised a virtual roundtable discussion with Engbert Verkoren (Conclusion), Jürgen von Hollen (Ultimaker) and Kees van Veen (Agrocare). How do these NPM participations maintain energy and focus in their organisations and what does that mean for their leadership?

18 19 Leadership

I At home or at the office? II Connecting the organisation at a distance Verkoren: "At Conclusion, more than 90% of our Van Veen: "At Agrocare, the majority of our workers Verkoren: "Conclusion was a very dynamic company, employees are working from home right now – even don't have an office job – you can't harvest tomatoes brimming with energy and enthusiasm. It's become those workers who maintain 'mission critical' systems for from home, after all. In the beginning, we all thought clear just how difficult that is to maintain online. We've our clients. And as it turns out, that works. We make two we'd show solidarity with the people who can't work done our best, though. Our bar, where we normally exceptions: for workers who have a particularly difficult from home, by all going to work together and keeping hung out and had weekly drinks, was transformed into situation at home, and for creative processes where a our distance. After that, we briefly experimented with all a professional studio where we air broadcasts with multidisciplinary team of designers and programmers is of us working from home, but that didn't really suit us speakers, musicians, etc. From there, we also broadcast building a new product together. We've learned that the either. In the end, our department came up with its own Conclusion On Stage, a show where people tell each latter simply can't be done over a video call. But those shift system: there's an A-shift that comes in Mondays, other about their biggest passion. In addition, we really really are the exceptions." Wednesdays and Fridays, and a B-shift that comes in try to promote people meeting up and taking walks Tuesdays and Thursdays. And the system rotates weekly, together – because face-to-face contact is so incredibly Engbert Verkoren Von Hollen: "We have a comparable situation. For so that everyone gets an opportunity to work on Friday important. It all feels like a bit of a substitute to the real us, the most critical process is the assemblage of and join for an after-work drink. In the end, we don't thing, but I think it does help." our printers. That takes place in permanent teams of really have a policy, other than what the employees employees who work in a bubble – nobody else is agree on together." Van Veen: "My experience, at any rate, is that it makes a admitted on-site. At our headquarters in Utrecht, we big difference when the board members show their faces conversation. Stuff like: how are you doing? How's allow up to five people to be in the building at one Verkoren: "What I'm curious about, Jürgen, is that on the work floor a little more often. We also try to offer your family? Are you stressed? Do you need a lighter time. And our R&D division in Geldermalsen admits you took over as Ultimaker's CEO in the middle of the people something to enhance their home lives: a home workload? Are you feeling capable of talking right now, up to twenty. Our policy is very restrictive and tightly lockdown. Could you tell us something about that? What cinema voucher with a bag of popcorn, an ingredient at all? You also need to compensate somehow for the controlled. I do think the tech industry is generally better was that like?" box for a dinner menu with online instructions from a lack of body language. I spend three times as much equipped to deal with these kinds of conditions, because chef, an occasional bouquet of flowers, and so on. Our time preparing a presentation now, and I try to be very there's a constant competition to attract talent and we're Von Hollen: "That's right; I became the CEO of employees definitely appreciate that. The group that conscious of how it's received. Since you don't get to all fishing in the same pond as Facebook, Google and Ultimaker without ever having physically met anyone has the most difficulty are the migrant workers. They see people's facial expressions while you’re presenting, Microsoft. We don't have the luxury of being picky at the company. In fact, I'd never even been to the usually go home with some regularity, and now that's you lack the essential data on what they're thinking, so I about where someone chooses to do their work. The headquarters until a week or two ago. Of course, it's not impossible. From the company's point of view, that's also ask them much more explicitly to share their views. pandemic has clearly intensified that dynamic, and I'd be much fun, but it had certain advantages. Over the course convenient, because the turnover is lower than ever. But Since we're in the middle of a major strategic change of surprised if it ever went back to the way it was before." of three months, I spoke to almost every employee at for the workers, this creates major difficulties, of course, direction, I'll spend a good part of the day on video calls, Ultimaker; that's something I would never have been and we're definitely worried about them." trying to walk people through that process." able to do before. It makes a massive difference that I'm not expected to travel – over the last two decades, I spent Von Hollen: "I understand your point, Kees, when you Van Veen: "Strategic changes of direction have always 230 days a year away from home, on average. When say we should show our faces on the work floor – that called for intensive communication, though..." that suddenly stops, you realise just how much time would also be my preference. But the problem with ‘Conclusion was really a very that took. Now, I talk to people through a screen for that is that a lot of companies literally no longer have a Von Hollen: "That's true. But when I talk to someone 15 hours a day, and because of that I got to meet more work floor. And I think that results in drastic changes now, I don't just feel personally responsible for dynamic company, brimming people at Ultimaker than I did at any other company to the CEO and manager roles. Before, my relationship explaining the vision and mission, but also for stirring I've worked for. So there's definitely also been a to employees was purely professional. Now, asking up enthusiasm for that new direction. I think that in the with energy and enthusiasm’ positive side." about their private lives is the first thing I do in any past, I would have been a bit more distant about that." 20 21 Leadership

no office to go to, you have to have a lot of control over are. And if those assumptions are wrong, that can have compared to other industries. As long as we stay sharp, your behaviour. If that doesn't come naturally to you, unpleasant consequences." there's no need to reinvent ourselves." you're going to feel very uncomfortable very quickly." Von Hollen: "I can see that. We're also experiencing a rise Von Hollen: “I think Ultimaker is a unique company and in absenteeism, particularly this year. We've had a similar we're ready for a big next step – not least because NPM experience: during the first and second lockdown, people Capital is an investor that understands that. I got a great III The most immediate challenges managed to stay driven, but at this point, people are very opportunity to make this happen, COVID or not. And Van Veen: “Since the majority of our employees is still tired. The plan is to move Ultimaker from a production perhaps even thanks to COVID." working on location, preventing COVID infections has company to a platform company, with an ecosystem of presented a constant challenge. We've made all sorts of partners who create compatible products for our printers. adjustments on the work floor; we've made changes to I hope that this new strategy also brings new energy to the canteen and the changing rooms and we've shifted the organisation. If we can manage to come together to Kees van Veen around break times and work times to limit the number execute it, I don't think the competition will be able to of employees working on-site at the same time. In the keep up with us. But it's going to take all we've got." greenhouses themselves, the risk of infection is quite low: the paths are widely spaced and there's a good amount of air flow. Most infections occur during the weekend, Verkoren: "That's an important point. For the first time, in people's private lives. We have our own employment IV The future we've seen new employees cancelling their contracts agency that takes care of the housing and mobility of Verkoren: "We're working to redefine Conclusion, to halfway through their probationary period because our migrant workers, so we can manage that part. But of be a company tailored to post-pandemic reality. We set they couldn't get a feeling for the company. And that's course, people have their private lives, and that's out of up a special working group for this: Conclusion Works. happening even though we really pay a lot of attention our hands. We can't do much more than offer a free test There, we're developing a new blueprint, a new story: to digitally supporting the onboarding process, with the if someone's feeling under the weather." how do we collaborate best, and what kind of support help of Bright Alley, an authority in that area. So now, do we need? It's a very complex challenge, because this when we have new employees, especially younger ones, Verkoren: "I also think the immediate challenge is ranges from cultural and social aspects to hard financial we really try to focus on face-to-face contact, for example managing long-term absenteeism. It's clear that some questions. Do we give a lease car to someone who spends by inviting them for walking meetings or to come to of our colleagues are starting to get exhausted; there are only two or three days at the office? What kind of work the office and talk at a safe distance. You need to create others who are under a lot of pressure from loneliness is still done at the office, and what kind isn't anymore? alternatives where they can feel the spark." or an unhealthy work-life balance. We're really trying to We've learned over the past period that our colleagues figure out how we can compensate better for the loss of are perfectly capable of doing useful and productive Von Hollen: "I agree with you that companies should chance encounters, those little moments when people work without being monitored all day. We want to draw keep a close eye on their younger employees. COVID discuss everyday matters that aren't important enough the right lessons from that. It's good to see how much demands a lot of self-discipline, because when there's to pick up the phone for. Those conversations aren't experience is available within our ecosystem when it happening enough now. It can be very convenient to talk comes to possible solutions, both on the human side and to another person in an unplanned fashion, even if it's the technological side of things. Give us a few months, just to check what's going on with them. Because those and we'll roll out the all-new post-COVID Conclusion. ‘It makes a massive difference informal talks aren't happening, people more easily get stuck in a negative interpretation of events. Something Van Veen: "At Agrocare, we have a positive view of the that I'm not expected to travel that might be trivial in reality starts to take on a life of its future. Our main clients are retailers, and they're seeing Jürgen von Hollen own in their heads. When you don't talk to each other, record revenues at the moment. The costs we had to so much anymore’ you make assumptions about what the other's intentions incur to work in a COVID-proof way were minimal 22 23 NEVER WASTE A GOOD CRISIS

Chef Richard van Oostenbrugge and his associate Thomas Groot run Restaurant 212 in Amsterdam (two Michelin star). Two lockdowns didn't get the better of them: they even opened a second restaurant in Amsterdam, around the corner from 212. "We thought, let's add a delicatessen, so we have something to fall back on. But in the end, that plan just turned into another restaurant."

24 25 WE'RE WORKING ‘ INCREDIBLY HARD WITH THE WHOLE TEAM, SO GETTING THAT SECOND STAR IS VERY MEANINGFUL RECOGNITION’ How was it to suddenly find yourself at home on the couch, during the first lockdown? “Well... I had just become a father, so to be honest, I quite enjoyed the first lockdown. The weather was lovely and I was able to spend a lot of time with the baby, instead of working constantly. So in that sense, I was grateful for the timing. But of course, there was also a lot of uncertainty involved. Nobody knew how long the pandemic was going to last and how it would progress. Fortunately, we had some meat on our bones, so we were able to survive on our savings for a while. And when we were able to reopen for the summer, we did very good business. On the exact day that I wired the final back payment, we were told to close again."

You also got your second Michelin star during the second lockdown. That must have been a strange experience... Michelin star chefs André van Alten (left), owner of restaurant La Provence; Thomas Groot (middle) and “Yeah, normally you'd be in the kitchen when you find Richard van Oostenbrugge (right) at the Grand Gala des Patrons. out, and five minutes later you're drinking champagne with the entire team. This time, I learned in the middle of the night, at home, while everyone was asleep. I was able to stay open. But then we were offered an amazing quotations and compare suppliers. Normally you don't Thomas and you are members of Les Patrons still quietly jumping with joy in the bedroom, because space around the corner of 212, on the Utrechtsestraat. have that kind of luxury, the time pressure is immense. Cuisiniers, a club of 22 top chefs in the Netherlands. Thomas and I had been hoping for a second star for a A Jugendstil-building with a magnificent facade and The fact that we were able to work in this relaxed way How are your colleagues feeling about this time? while. We're working incredibly hard with the entire arched windows. The plan shifted to a delicatessen has definitely had a positive impact on the result. The “Well, fundamentally, everyone is definitely overjoyed team, so getting that second star is very meaningful where you can also eat the delicatessen. And then it restaurant is called De Juwelier, the Jewelry Store, and to be able to reopen and it's my impression that recognition.” somehow turned into a restaurant anyway. Well, as they it's a real gem of a space, if I may say so myself. There's everyone's really going for it, too. Many of them are say: never waste a good crisis.” this unique, warm 1920s vibe, very different from restaurants with a lot of returning guests, that also makes And then, in between lockdowns, a second 212, which is much starker, more modern. We also a difference. Nobody in the hospitality business had a restaurant? So in the second lockdown, you were also taking cook differently - no menus, like our other restaurant, particularly easy year, but I'm confident we're going to “Yeah, that's right. We'd been looking for a space in the care of a new baby? but only à la carte and reasonably affordable. A little see a lot of positivity, innovation and entrepreneurship summer to open a delicatessen, since we were definitely “You could put it that way, yeah. We did some major bit nostalgic, you could say, with sole, turbot on the in the coming time." getting a little nervous. We thought: if the lockdown renovating and decorated the interior in the same bone, lobster, or a fire-grilled chicken. But of course, . comes back, at least we will have a shop to fall back on. Jugendstil style. We were lucky to have lots of time, everything of the quality you've come to expect from Since we'd be selling essential goods, we'd at least be so for the first time, we were able to request multiple Groot-Van Oostenbrugge. 26 27 Front soldiers

IT'S NOT THAT EASY

28 29 Front soldiers

When it comes to flawless logistics, people often talk about Coolblue, but Kramp in Varsseveld (the Netherlands) might be a no less spectacular example. This parts supplier for businesses in agriculture, horticulture and earthmoving has been long known for its policy: ordered today, delivered tomorrow. No small feat, considering the inventory includes no less than 500,000 products. Logistics Manager Frank Dijkstra and Forwarding Supervisor Derk Wansink tell us how they manage to get the job done (almost) every day.

Dijkstra: “The Logistics department consists of 40-foot trailers. From here, they leave for their some 550 workers, divided over three divisions: destinations in every direction. You're always Inbound, Outbound, and the Business Office. facing deadlines. For example, a truck that is The latter is responsible for support services. Part bound for Belgium needs to leave here by 9 PM. of our staff are permanent employees, but we So all the orders have to be picked and sorted by also work with a lot of part-timers, temporary then. Should anything have to be shipped after workers and a group of people with a distance that point, we enlist a courier to do it. They can from the labour market, as they say. We don't usually be at the dock within 30-45 minutes, so differentiate between them: everyone gets the we can continue to load trucks at all times. same treatment and the same uniform. Derk is a supervisor of the Forwarding team, which is tasked with sorting the orders and loading the freight trucks. We have fixed morning, afternoon and evening shifts. The evening ‘Despite the restrictions, shift ends when all the orders are moved." we've continued to Wansink: “On an average day, we're well operate like a well-oiled equipped to process all the orders in time. Usually, they amount to about 25 trucks with machine’ 30 31 Front soldiers

Frank Dijkstra Derk Wansink Logistics Manager Forwarding Supervisor

Dijkstra: “It doesn't matter to our clients how snacks from the local snack bar. Because you order lines, and every order line can contain have to wear a face mask. Each department we do it, as long as orders arrive on time." can be sure that we're not getting out of here multiples of the same product. Two years ago, wears their own coloured vests. If you're going until 11 PM or midnight." that number was significantly lower. into a department with a different colour, you Wansink: “It can get more challenging when have to wear a face mask and stay distanced no you're dealing with some internal or external COVID peak Wansink: “At the moment, we're processing matter what. disturbance. We're highly dependent on Dijkstra: “Odds are that if we leave any orders around 250,000 order lines a week, and the WiFi for our order picking, so if the network outstanding in the evening, it's going to affect peak season is yet to begin. Our advantage is malfunctions, it doesn't take long before us for the day or days to come. The only thing that we keep working on Saturdays, so that we you're playing catch-up. The same goes for we can't do anything about is when products can take some pressure off Mondays, which are ‘COVID has led problems with the online store, or the order are unexpectedly out of stock. This is quite usually the busiest day of the week." to a significant rise management system. Everyone here will step rare, because our stock availability is 95%. it up a notch to resolve the backlog. For me, Moreover, COVID has led to a significant rise Dijkstra: “COVID also led to changes on the in the number of that means: mobilising additional colleagues, in the number of orders. A busy day now work floor, of course. Everyone has to keep calling our couriers, and ordering deep-fried might involve processing more than 60,000 their distance and, if that's not possible, you orders’ 32 33 Front soldiers

KRAMP IN NUMBERS

11 DC's 11 Distribution Centres in total: Netherlands, Germany, France, UK, Poland, Denmark, Sweden, Finland, Spain, Italy, Russia.

500 km 500 km Every DC serves customers in a range of 500 kilometers.

17,000 customers 17,000 customers are supplied from the DC in Varsseveld. We use separate entrances, we've split the and the process comes second for a moment. you're right, we almost take for granted what we canteen into separate zones, and the same goes Because health is our first priority.” do here every day. The world has gotten used for toilets and smoking zones. Some of our to overnight delivery, but people aren't really meeting rooms have been turned into locker Well-oiled machine aware of all the things that are necessary to make 85,000 - 165,000 On a daily basis, the company rooms. It's a lot of hassle, but the great thing Dijkstra: “It's nice to see how we've continued to that possible. Frank sometimes says that we're processes and ships between 85,000 about this company is that we can think of operate like a well-oiled machine. In part because probably a little too modest, and we could stand and 165,000 order lines. something new and get it organised in no time. we've automated to a great extent, but also to pat ourselves on the back once in a while." And enforce it, too." because of the famed loyalty of our local people. A lot of companies announce on their website Dijkstra: "That's right. Our slogan is: 'It's that Wansink: “Once in a while, I have to remind that there might be COVID-related delays, but easy.' That's true for our customers, but not 13% my colleagues of the measures, but in general, not us. Even though we're busier than ever." always for us." The DC in Varsseveld has processed everyone is quite conscious of the current more than eleven million order lines in situation and operates accordingly. If somebody Wansink: “It helps that we drive at night – there 2020: a rise of 13% relative to 2019. gets a positive test, we test the entire team tends to be a little more space on the roads. But ▲ 34 35 Column

The Capital of ... energy

Reykjavík

Reykjavík (literally ‘smoky bay’) is the political, economic, social and cultural center of Iceland. The city is home to some 200,000 people, which is over half the country's total population. About 85% of the capital's primary energy supply is derived from locally produced sources, which earns Reykjavík first place in the ranking of 'green' capital cities.

By far the most important source of energy is geothermal (65%). Owing to its location on the Mid-Atlantic Ridge, the country is one of the most tectonically active places in the world. Iceland counts more than 200 volcanoes, over 600 hot springs and at least 20 so-called 'steam valleys' with a temperature ranging between 150 and 250 degrees Celsius. Approximately 85% of Iceland's houses are heated by geothermal energy (district heating). In addition, geothermal heat is used to produce electricity for energy- intensive industries like aluminium production. Thanks to the presence of glacial rivers and waterfalls, hydropower also plays a significant role (20%) in meeting Iceland's energy needs. No wonder, then, that Iceland is not just the world's largest producer of green energy per capita; it's the largest producer of electricity per capita, full stop. For comparison: the EU average is less than 6,000 kWh.

36 37 Healthy Life & Learning

The pandemic has led to Digital a rapid acceleration of the digitalisation of society. That's particularly true for elementary and secondary education education, where 'digital learning' seems to have become the new normal but in the blink of an eye. A works, skilled teacher remains the optimal route to intellectual and especially social- it's not a emotional development for young children, according to Serge Bueters of Futurewhiz. However, technology is likely to cure-all play a growing role in supporting teachers and reducing their workloads.

38 39 Healthy Life & Learning

‘During the lockdown, we

The first lockdown has had a major impact on communicate knowledge one-on-one for a long time. not in elementary learned a lot about what works the students take education. Students were set back and faced learning One thing that kids can do very well online is exercises education. In a diagnostic test to delays, kids from disadvantaged backgrounds – exactly what we focus on with Squla. But digitalising secondary education, and what doesn't’ check whether they've 'disappeared' off their teachers' radars, and the strain exercise books is something entirely different from things might be different, understood the material on parents was immense. What is the situation like knowledge transmission through classroom instruction, because there you can ask and whether they need further right now? let alone classroom interactions. for more personal responsibility and self-reliance from instruction. We've added an additional support channel young people. In that case, we think it's very possible with a chat functionality, allowing students to ask to support the teacher's role with online instruction questions to our team of teachers. Since recently, they “The past year has been one big experiment in Before COVID, we were already dealing with a tools and methods. That's where Futurewhiz is also can also ask questions over a live video connection. digitalisation of education. Some things worked structural shortage of qualified teachers. Would we focusing its innovations right now: we're transforming This gives a student access to much-needed additional out really well, and others didn't. Overall, though, be able to eliminate that shortage by moving further our platform WRTS for secondary schools into a much support that can't always be available on demand from educational institutions were quick on the uptake and toward digital education? richer product. learned a lot about what works and what doesn't. During the first lockdown, starting in March 2020, parents got a lot on their plates – I can tell you from “The shortage of teachers is a consequence of the fact What should we understand by that, exactly? personal experience, with four school-age kids. But that the way we've designed our education system for my impression is that the pressure was already a lot kids and young people is no longer suited to the times. lower during the second lockdown in the fall. The And by that I mean classical education, which casts “We're developing so-called 'learning loops' that help fact that the Netherlands was already a European every child more or less in the same mould and forces kids comprehend material and practice it. Additional frontrunner in digital education definitely made a them to comply with certain criteria before they can instructions can help them with their homework Serge Bueters difference. Having said that, of course the situation is move on to the next year. It's a form of education that or to prepare for a test. There are short videos in CEO Futurewhiz far from ideal. Especially for kids in elementary school, is very labour-intensive – in the sense that it requires a which teachers explain certain topics, after which being taught face-to-face by a qualified teacher is the lot of well-trained teachers – and it works best with a best guarantee for their development. The physical relatively homogenous classroom. And as it stands, as school building will remain very important in the future a society, we're not equipped to organise and fund this to provide a safe place for children to learn, and to type of education efficiently. That creates an ideological facilitate teachers in their roles. As for learning delays, problem. Because when schools start to 'solve' they may arise because teachers haven't been able to that problem by asking for an additional 'voluntary' contribution from parents, the danger is that you start to slide from a public school system to a mixed British system with public and private schools. I am definitely ‘Education without teachers not in favour of that. For me, the causes of the teacher shortage are deeper, and only moving towards more is a fiction’ digital education cannot be the solution. At least, 40 41 Healthy Life & Learning

Being there for millions of children

parents. If they are less convinced of the value of good education, there is not much we can do to change that. That's one of the reasons I think we'll never be able to go without schools and teachers. Education without teachers is a fairytale."

There's been some criticism of the fact that, alongside in the Netherlands, Germany, Poland these online 'solutions', tech companies have entered and Belgium schools as suppliers. What do you think about the possibility that this position of dependency might be NPM Capital invests in Futurewhiz as part of abused? Is that something we should all be watchful its investment focuses ‘Everything is Digital’ their own teacher, school, or parents. We're expanding when the stronger students are equipped to be more of? Or can it be left to the free market? and ‘Healthy Life & Learning’. Futurewhiz is the platform step by step. We started with six subjects self-reliant. In addition, we're working together with originated in the Netherlands and now employs in the first year of secondary education (university parties like the Jeugdeducatiefonds [Youth Education 80 workers. The company is best-known as preparatory track). We're now adding the second year Fund] and Stichting Leergeld [Tuition Fee Foundation], “The thing with schools is that they have a natural the developer of Squla, the largest platform for and we're starting with the vocationally oriented track. so that children whose parents cannot afford to dislike of monopolists. I think that when they become supplementary education in the Netherlands. And the beautiful thing is that a product like this can subscribe will be able to access our platforms for free. too dependent on one system from one supplier, Over 180,000 children practice and play with be affordable, especially compared to the rates of But it's true that you can't compensate for everything: they'll naturally start to shift toward competitors. With Squla from home and more than 600,000 traditional homework tutors. for a poor family in which four children share a single our products, this is not a relevant problem, because children use it in their elementary school old laptop, digital education is not the solution. The we don't have a financial relationship to schools, only classrooms. Squla is also active in Poland. In same goes for rural areas where broadband internet parents. Teachers can use our platforms for free in Germany, Futurewhiz operates under the brand The business model of Squla and WRTS is a is not yet available – we also operate in Germany and the classroom, the only thing we ask of them is to name Scoyo, offering exercises according to subscription for parents – while schools can use the Poland and you can clearly see the divide between the give us some feedback once in a while so we can the same format as Squla. Scoyo is in the top platforms for free. Doesn't that play into the risk that big cities and the periphery. In Poland, online education improve the product. So I don't see us as being part three of German educational platforms with children of more well-heeled parents will have an has been the norm for nearly a year, but not everyone of this discussion. But I do have some concerns about quizzes, videos, practice tests and educational advantage over children whose parents cannot afford can benefit from that. For teachers, we make Squla free the Google Classrooms and Microsoft Teams of the games adjusted specifically to the school type, to subscribe? to use in the classroom. And during the lockdowns, world. Half the country ran on Google Classroom, but the school level and the school curriculum in we also made it available for free if teachers wanted to nobody had to pay anything for it. In the long run, that the sixteen German federal states. Through the use it for home schooling. Nevertheless, we've seen isn't going to fly, of course. So I think there will have online learning platform WRTS, Futurewhiz also “Well, as I said: the financial barrier is relatively low for that children from less advantaged socio-economic to be European regulation to safeguard the privacy of supports secondary school students in their parents, at less than eight euros per month. Besides, environments use our tools less than children from the teachers and students, as well as the integrity of school preparation for tests. On an annual basis, more it's not our ambition to replace teachers but to support middle and upper classes. And that has everything data. That's definitely something to keep an eye on." than half a million students and teachers visit them. They will have more time for weaker students to do with the infrastructure and the involvement of WRTS.nl and WRTS.be. 42 43 Spotlight

Where do

We're getting better and better at generating green energy: in 2030, Belgium and we store our the Netherlands are expected to be 50% and 75% powered by solar and wind, respectively. But renewable energy currently has one Achilles heel: inconsistent supply. The sun doesn't shine at night and the wind doesn't always blow. For green power? that reason, storage technologies are considered the 'holy grail' for the energy transition. Since batteries have a lot of disadvantages, companies all over the world are looking for alternative technologies to store and transport renewable energy, because the places where we generate green energy are not always the places where it's most useful. This edition of Capital Magazine includes an overview of eight promising technologies that are being developed for the stable and productive green energy grid of the future.

44 45 Spotlight

1 The Swiss Energy Storage Tower

According to the Swiss startup Energy Vault, concrete blocks and a crane are all you need to store solar and wind energy. To wit, you can store it as . The concept is simple: when you have an energy surplus, you use it to power a crane with 2 multiple arms that stacks concrete blocks in a tower as tall as a 35-floor building. When you want to use the stored energy, you break the tower back down. As they are lowered, the concrete blocks generate electricity through dynamos. Although the system works according The gravity battery of to the same principles as a hydroelectric power station, the advantage of the Energy Storage Tower is that it can be used anywhere in the world – even in the middle Gravitricity of a desert. Energy Vault has attracted some 110 million dollars in investments already. In the Swiss region of Ticino, a demonstration model is ready for use. energyvault.com The Scottish company Gravitricity also wants to use gravity to store renewable energy – except they'll do it underground. The idea is to use old mine shafts with a depth of up to 1500 meters (approximately five Eiffel Towers). Gravitricity wants to lower weights down these shafts and generate electricity through dynamos. The weights will be pulled back up at a time when there is an energy surplus. Depending on the weight and the speed at which it is lowered, this 'superbattery' can customise both the quantity and the pace of energy delivered. Currently, the company is working on a prototype in Edinburgh, Scotland. For the time being, Gravitricity intends to focus on locations where abandoned mine shafts are present. gravitricity.com

46 47 Spotlight

Source: Geological Survey of Denmark and Greenland, GEUS Sommer Vinter 3

The ARES Forbrugere Kraftvarmeværk/ Kraftvarmeværk/ A aldsforbrændings- Strøm fra A aldsforbrændings- anlæg vindmøller anlæg Varme fra desert train solpaneler

Varmeudveksling Varmeudveksling

In the desert of Nevada state in the US, the company ARES Energy is building twenty small railways full of train cars carrying heavy stones. It looks like an abandoned shunting yard for self-driving train cars, but in fact, it's a massive energy storage facility that makes use of existing height differences in the natural environment. Just like the batteries of Energy Vault and Gravitricity, the 'Gravity Line' works using gravity. When there is a surplus, the © Carsten E. Thuesen, GEUS carriages full of heavy stones are pulled up the hill. When there is a shortage, they are rolled back down, generating electricity in the 4 Compressed Air Energy process. Just like other 'gravity batteries', ARES offers a sustainable alternative to hydroelectric Storage (CAES) power in areas where water is scarce. aresnorthamerica.com

Storing energy in the form of air: this remarkable idea came out of the Dutch research facility TNO. The technology is called Compressed Air Energy Storage (CAES). Using surplus solar and wind energy, air is compressed and stored under pressure in a salt cavern. The pressurised air is later released to generate electricity. Experiments with this technology are ongoing in Germany and the United States, but CAES also offers opportunities for the Netherlands and Belgium. For example, salt production over the last century has resulted in plenty of salt caverns in the north of the Netherlands. These spaces are currently often used for the storage of fossil fuels, but with a rising demand for (foreign) green energy, the salt caverns could be ideal sites for CAES. tno.nl

48 49 Spotlight

5 Green hydrogen

Hydrogen is one of the most promising candidates to secure stable availability of sustainable energy. When a surplus of renewable 6 electricity is generated, it can be used to produce hydrogen through electrolysis. This 'green' Circular hydrogen thus serves as a storage medium Iron powder is very flammable and doesn't emit of renewable energy that otherwise could iron powder CO2 when it combusts. This fact inspired a project not have been used or might not have been by a student team from the Eindhoven University produced at all. Hydrogen is quite simple to of Technology under the direction of Philip de convert to electricity through a fuel cell. The Goey, Full Professor of Combustion. They built a only waste product from the process is water, system that uses iron to produce steam that is then used so it is a clean combustion. The disadvantage to power engines. At the end of the combustion, only rust particles remain. If you add of hydrogen as a storage medium is that it is green hydrogen to those, you get iron powder again, resulting in a circular system quite inefficient: energy is lost both during the that enables you to generate and store green energy. In the form of rust, it can also be production process and during the conversion to transported safely, cheaply and easily, for example by ship. Although the technology is electricity. On the other hand, its advantages are in its early stages, it has sparked a great deal of interest. The Bavaria brewery of Swinkels more plentiful: hydrogen is easy and cheap to Family Brewers is the first factory that will start testing the iron technology. Instead of move across long distances (even using existing using natural gas, part of the factory will run on iron fuel to produce beer. tue.nl natural gas pipelines) and as such, it allows for the production green power precisely where it's cheapest (solar plants in the Sahara, Spain and California, wind energy from the North Sea, and so on). Vopak, a tank storage company Source: TU/e, Bart van Overbeeke from Rotterdam, is already exploring how solar energy from abroad could be transported to the Netherlands through hydrogen. And Gasunie is working on plans to fill salt caverns near Groningen with hydrogen by 2026. vopak.com

50 51 Spotlight

HOE WERKT HET? 7 ELECTRA WORDT ZONNEPANELEN DIRECT DOOR DE Zonnepanelen voeden de proefopstelling. LEIDINGEN GESTUURD Deze is nu 5m breed, 9m lang en 4m hoog. Hierbij treedt geen Hot stone rendementsverlies op. ENERGIE OPWARMING VERWARMING Elektriciteit wordt in de Het basalt warmt hierdoor op. Door een goede Deze warmte kan maanden later gebruikt buizen omgezet in warmte. isolatie wordt deze warmte vastgehouden. worden om huizen op te warmen. BASALT WARMT OP De container is volledig gevuld met basalt. ISOLATIE 1 m dik steen- wol houdt de BUITENLAAG warmte maanden, Beschermt de isolatie seizoenen vast. tegen het weer. 40M3 BASALT 40 SENSOREN hounden continu de temperatuur in de gaten.

ISOLATIE METAAL De isolatie geeft het meest Omhulsel is van rendementsverlies. Dit betekent; metaal. Het basalt hoe groter het systeem, des te kan 500˚C worden. minder warmteverlies.

KOUDE LUCHT Door -koude- lucht door het systeem te blazen, komt de warmte uit het basalt vrij en kunnen er woningen mee verwarmd worden. 8 The flywheel 30m

20m Source: Cees van Nimwegen, infographic: Duurzaam Bedrijfsleven

HOE WERKT HET? Sustainably generated energy can also be stored as kinetic (rotational) energy in a flywheel. This technology has existed for centuries (ancient IDEALE GROOTTE ELECTRA WORDT ZONNEPANELEN In een opstelling van 20x30x6m 6m DIRECT DOOR DE MesopotamianZonnepanelen voeden ceramicists de proefopstelling. already made use of it), but it's been given new kan 700.000 kWh opgeslagen worden. LEIDINGEN GESTUURD Deze is nu 5m breed, 9m lang en 4m hoog. Dit is voldoende voor verwarming en Hierbij treedt geen life by the German company Stornetic, heetwatervoorziening van ca. 50 huizen. rendementsverlies op. ENERGIE OPWARMING VERWARMING among others. This company developed Elektriciteit wordt in de Het basalt warmt hierdoor op. Door een goede Deze warmte kan maanden later gebruikt buizen omgezet in warmte. isolatie wordt deze warmte vastgehouden. worden om huizen op te warmen. BASALT WARMT OP a flywheel named EnWheel, which De container is volledig gevuld met basalt. can store energy almost frictionlessly ISOLATIE 1 m dik steen- at 45,000 revolutions per minute. wol houdt de BUITENLAAG warmte maanden, Beschermt de isolatie seizoenen vast. tegen het weer. The rotor is supported by contactless Cees van Nimwegen, a Dutch inventor from Brabant, coal and gas plants. That would also be a solution for 40M3 bearings in a vacuum environment BASALT was the first to think of a 'basalt battery' using iron the destruction of capital that would occur with the 40 SENSOREN and is made from plastic reinforced hounden continu tubes and basalt pebbles. His patented storage system demolition of existing power plants. In eco-village de temperatuur in with carbon fibre. According to CESAR uses the surplus energy from solar plants on Boekel, a basalt battery is under construction to heat de gaten. the producer, the result is a nearly hot days to electrify the tubes and fire basalt to high an entire neighborhood in winter. Van Nimwegen maintenance-free energy storage temperatures, up to 500 degrees Celsius. The heat thinks his 'low-tech system' offers significant system with practically unlimited is trapped in the stones until power is needed. By advantages. In contrast with battery materials loading cycles and a long lifespan. blowing air through the tubes, the stored heat can be like silicon and cobalt, basalt is easy to find and stornetic.com converted to electricity through a heat exchanger and inexpensive. CESAR-energystorage.com ISOLATIE METAAL De isolatie geeft het meest used to power, for example, the turbines of former Omhulsel is van . rendementsverlies. Dit betekent; metaal. Het basalt hoe groter het systeem, des te kan 500˚C worden. minder warmteverlies.

KOUDE LUCHT 52 Door -koude- lucht door 53 het systeem te blazen, komt de warmte uit het basalt vrij en kunnen er woningen mee verwarmd worden.

30m

20m

IDEALE GROOTTE In een opstelling van 20x30x6m 6m kan 700.000 kWh opgeslagen worden. Dit is voldoende voor verwarming en heetwatervoorziening van ca. 50 huizen. The world of NPM Receive a free NPM Capital is an independent investment company that provides growth capital to medium-sized and large enterprises that are based in the Benelux. It is an investment partner of entrepreneurs and management teams with expertise and experience, financial capacity and a comprehensive network. A strong focus on improving operational copy of Capital processes, e-commerce and sustainability leads to the creation of business and shareholder value. As an active shareholder, NPM Capital is committed for an indefinite period throughout the agreed development phase. This flexible investment horizon allows for value to be created and makes NPM Capital an ideal investment partner for family companies, Magazine buyouts and buy & build scenarios.

NPM currently holds majority and minority stakes in 26 portfolio at capitalmagazine.nl companies. The companies, which are also supplied with growth capital by NPM where required, are active in a range of sectors, from the

manufacturing industry, food industry and offshore to e-business, Nieuw! Bekijk het portfolio van de fotograaf via Desert Pink Knap Krokant van Kwekkeboom. Lonneke van der Palen© Courtesy: Bitterballen uit de oven. Kahmann Gallery Capital Capital de wereld van NPM #03 de wereld van NPM #02 Capital Capital Capital de wereld van NPM #06 #0704 de wereld van NPM #04 Capital healthcare and education. Common to all of these, however, is a clear the world of NPM de wereld van NPM #05 growth or development strategy, highly motivated management and a LEIDERSCHAP sustainable competitive position. For the future, NPM Capital is focusing

The Hunger Project maakt mensen in Benin bewust van hun eigen vermogens. Zo helpen we ze bij het its investments primarily on the following themes: Future of Energy, herkennen en benutten van kansen om ondernemerschap en zelfredzaamheid TALENT. te realiseren. Dáár investeren wij in! Investeer ook in de Katakle-groep en word lid van een inspirerend netwerk. NATURE OR NURTURE?

Everything is Digital, Feeding the World and Healthy Life & Learning. Investeer All Buyook & mee Build in Capital | Capital | Capital Al sinds 1900 maakt Kwekkeboom de lekkerste hapjes. Altijd met liefde voor smaak Capital | you can

het einde Capital en kwaliteit. Dat doen we met de beste ingrediënten, unieke bereidingswijze en ons De economie van vakmanschap. Na jarenlang proberen, proeven en testen, presenteren we nu met trots: eat! #07 2016 #02 2013 #05 2015 #04 2014

van honger #03 2014 Krokante ovenhapjes. En dat is knap krokant, van Kwekkeboom. D e vergrijzing in Benin Probeer nu gratis en doe mee MENS OF MACHINE? aan de proeverij van Nederland grootste Ga naar kwekkeboom.nl voor de actievoorwaarden. Je vindt ons in www.katakle.nl het vriesvak.

KAFT ENG Capital #7.indd 1 29-6-2016 12:16:47

KAFT NL Capital 4.indd 1 03-11-14 16:02 kaft_nl_def.indd 1 05-11-13 14:08 KAFT NL Capital 5.indd 1 02-07-15 10:58 SHV Kaft7708-028 2014 NLTHP DEF Katakle v2.0.indd adv a4.indd 1 1 13-12-12 10:21 21-03-14 14:09 SHV is a privately held family company that aims to maintain its strong Capital #08 Capital #14 de wereld van NPM Capital #11 de wereld van NPM position in a number of operational activities and selected investment de wereld van NPM INNOVATIE activities. SHV invests for the long term, expands and develops businesses, and provides its customers with services of excellent value. All this is possible thanks to a team of dedicated people who are proud to be a part of SHV.

TOEKOMST IEDEREEN AAN DE VEGETARISCHE BIEFSTUK SHV's purpose is the glue that binds the company together: a long-term ALLES, ALTIJD CONNECTED

VAN BIG DATA NAAR BIG BUSINESS Capital |

#14 2020 PURPOSE Afstand WAAROM BETEKENISVOLLE BEDRIJVEN BETER SCOREN NPM Capital N.V. - Breitnerstraat 1 nemen vision, supported by the shareholders, for people, planet and profit. SHV 1077 BL Amsterdam - npm-capital.com operates globally and is organised decentrally to ensure its various groups can operate close to their customers and manage their customer relationships in an optimal way.

Colophon Concept, design & production 100% RECYCLED Papier gemaakt van The company was founded in the Netherlands in 1896 following the merger Creative Venue PR, creativevenue.nl gerecycled materiaal C003606 between several large coal trading companies. After the general decline in Final editing the use of coal as a primary source of energy halfway through the twentieth NPM Capital N.V. NPM Capital century, SHV moved into other business areas. Today, SHV is present in 64 Breitnerstraat 1 Poortakkerstraat 93 Images & illustrations countries on all continents and employs more than 51,000 people. SHV 1077 BL Amsterdam 9051 Gent Agrocare, Energy Vault, Futurewhiz, Getty Images, Gravitricity, groups are active in energy distribution (SHV Energy), cash-and-carry The Netherlands Belgium Groendus, IMC Weekendschool, Cees van Nimwegen, wholesale (Makro), heavy lifting and transport activities (Mammoet), NPM Capital, Ohpen, Bart van Overbeeke, Kees Rijken, Shoot industrial services (ERIKS) and animal nutrition and aquafeed (Nutreco). P.O. Box 7224 My Food, Shutterstock, Stang, TNO-GEUS, Ultimaker, Unsplash As an investor, SHV is involved in the exploration, development and 1007 JE Amsterdam Printing production of oil & gas primarily in the North Sea (ONE-Dyas), and it The Netherlands Koninklijke Van der Most bv

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